Fernbridge Capital Management LP Has $231.36 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Fernbridge Capital Management LP lifted its stake in Salesforce, Inc. (NYSE:CRM) by 126.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 899,888 shares of the CRM provider’s stock after acquiring an additional 503,231 shares during the period. Salesforce accounts for approximately 15.4% of Fernbridge Capital Management LP’s holdings, making the stock its biggest position. Fernbridge Capital Management LP owned approximately 0.09% of Salesforce worth $231,361,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Spartan Planning & Wealth Management grew its holdings in Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after acquiring an additional 625 shares during the period. Parnassus Investments LLC raised its holdings in shares of Salesforce by 0.3% in the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares in the last quarter. TD Asset Management Inc lifted its stake in Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after purchasing an additional 194,224 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Salesforce by 1.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock worth $1,983,000 after buying an additional 95 shares in the last quarter. Finally, XN LP grew its position in Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after buying an additional 90,616 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,576 shares of company stock valued at $16,957,573. 3.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRM shares. Canaccord Genuity Group raised their price objective on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. JMP Securities restated a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a report on Wednesday, August 28th. Wedbush reiterated an “outperform” rating and issued a $315.00 target price on shares of Salesforce in a report on Thursday, August 29th. Mizuho cut their price target on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, Citigroup raised their price objective on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $306.00.

Salesforce Stock Performance

Shares of CRM opened at $266.80 on Friday. The company has a market capitalization of $258.53 billion, a PE ratio of 47.99, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The company’s fifty day moving average price is $254.14 and its 200 day moving average price is $266.44.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the company posted $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.60%. Salesforce’s payout ratio is 28.78%.

Salesforce Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.